Consumption Behaviour in India

Consumption economics is the branch of economics that focuses on consumer’s behaviour as they allocate economic resources to satisfy their wants. Consumption economists make use of a generally accepted or standard body of economic theory about the behaviour of individual consumers and some theory pertinent to total or aggregate consumption for a large group of people, as in a whole country. In addition, researchers and economists carry on a great variety of empirical research. Both detailed, short-lived facts about who consumes what and longer lived generalizations and basic understandings about consumption trends and variations emerge from this research. A number of social science disciplines involve some aspects of the knowledge of consumer behaviour, but the emphasis differs. Since consumption economics is a branch of economics, it is not surprising that many general economists study the same problems as the more specialized consumption economists. The line between the interests and research of the two groups of economists is very indistinct. Specialists in consumption economics usually are involved in developing special sets of data and try to explore the ramifications of consumption problems. Consumption economists tend to draw more heavily on related behavioural sciences in order to study all aspects of consumer’s behaviour in making and changing their choices. By using a wider range of knowledge, these economists seek to improve their explanations and predictions of trends in consumption. Consumption economics focuses in economic behaviour and economic phenomena, i.e., on the allocation of scarce resources and on the value of goods and services purchased by individual consumers and by groups of consumers.